Crude in New York rose for a fifth day, the longest stretch of gains since September, as better-than-projected economic growth in the U.S. countered concern that American budget negotiations will fail, Bloomberg reported.
Futures reached a two-month high after the Commerce Department U.S. gross domestic product grew at a 3.1% annual rate in the third quarter, greater than the highest forecast in a Bloomberg survey. Oil fell as much as 0.8% earlier on speculation that efforts to avert the so-called fiscal cliff of tax gains and spending cuts are deteriorating.
Crude oil for February delivery rose 15 cents to $90.13 a barrel on the New York Mercantile Exchange, the highest settlement since Oct. 18. Futures, which have gained 3.9% this week, are down 8.8% this year.
Brent oil for February settlement rose 5 cents to $110.41 a barrel on the London-based ICE Futures Europe exchange.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
